Beacon Investment Advisory Services Inc. Has $19.46 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Beacon Investment Advisory Services Inc. lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 43,769 shares of the software company’s stock after selling 1,399 shares during the quarter. Beacon Investment Advisory Services Inc.’s holdings in Adobe were worth $19,463,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Legacy Investment Solutions LLC acquired a new stake in Adobe in the 3rd quarter worth $26,000. Piscataqua Savings Bank lifted its stake in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in Adobe during the third quarter worth about $30,000. True Wealth Design LLC increased its stake in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the period. Finally, Briaud Financial Planning Inc acquired a new position in Adobe in the 3rd quarter valued at approximately $36,000. 81.79% of the stock is owned by institutional investors.

Adobe Trading Up 0.2 %

NASDAQ ADBE opened at $437.32 on Thursday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25. The company has a market capitalization of $190.37 billion, a PE ratio of 35.27, a P/E/G ratio of 2.11 and a beta of 1.31. The stock has a 50-day simple moving average of $471.36 and a 200 day simple moving average of $509.54.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the company posted $3.52 EPS. Adobe’s revenue for the quarter was up 11.1% on a year-over-year basis. Research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

ADBE has been the subject of several research reports. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Citigroup dropped their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Bank of America lowered their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Monday. Finally, Jefferies Financial Group cut their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $573.00.

Insider Activity

In related news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,763 shares of company stock valued at $893,665 in the last quarter. Company insiders own 0.15% of the company’s stock.

Adobe Company Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.